We encourage students and parents to start with savings, grants, scholarships and federal student loans to pay for college. Please make sure you have already accepted the grants, scholarships and federal loans that you qualify for. Often, federal loans have more favorable terms and conditions than private educational loans. Students and families should evaluate all monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. Learn more below:
Private Educational Loans and Direct PLUS Loans should be considered as a last resort, but may be necessary to finance a college education. To learn more about these options, please review the comparison chart for PLUS and Private Loans. You can also visit our Searchable List of Private Loan Lenders.
Please follow these guidelines:
Before signing for a loan, please be sure you understand the interest rates and fees associated with your loan. The lender is required to provide you with several disclosures. Please read these carefully. Our ELMSelect website ( www.elmselect.com) links to each lender's website and will provide the disclosure information that you need.
You will also need to accept the loan as requested by the lender and complete a Self Certification Form before the loan is approved. An example of the form or information they will have you complete is located here, https://ifap.ed.gov/dpcletters/attachments/GEN1315Attach.pdf . Note, this is just an example. Please complete the form or information requested during your lenders online application process. Once your loan is approved and all requirements are met, the lender will contact the Student Financial Services Office. Please keep in touch with your lender throughout the process to ensure timely processing.